The Main Street Employers Coalition gathered in Oklahoma City earlier today for a roundtable discussion with Congressman Kevin Hern, himself a former pass-through owner and an original cosponsor of our 199A permanence bill.
It was a perfect venue for the gathering. Nearly two out of every three private sector jobs in Oklahoma are supplied by pass-through businesses who rely on 199A to reinvest in their workers and their communities, all while remaining competitive with larger publicly traded companies.
It’s the sixth event the group has helped organize over the past few months (see here, here, here, here, and here), all with the goal of spreading the word about the importance of making permanent the Section 199A deduction.
Congressman Hern set the tone of the meeting early, referencing his own experiences as a business owner and the challenge the Main Street community faces with the looming expiration of the 199A deduction and accompanying lower rates.
On hand were 25 owners and representatives from local establishments operating in many industries, including banking, retail, restaurant, manufacturing, engineering, farming, and contracting. The diverse attendance was yet another reminder that private and family-owned companies are the heart of local economies in Oklahoma and nationwide.
Despite the outsized positive impact Section 199A has on these employers, the deduction is scheduled to expire at the end of next year. The roundtable was organized to highlight this challenge and provide real-world examples of what the deduction means for these companies, and how it has helped them in an increasingly difficult period.
S-Corp is grateful to Congressman Hern for leading this event and we look forward to continuing to work with him to see this important legislation enacted.